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TSP tools to help you save
Monday - 4/25/2011, 4:53pm EDT
Federal News Radio
Need help on saving for retirement? The Thrift Savings Plan website has tools to help you.
The site has a number of calculators set up in a Q&A format, said Tom Trabucco, director of External Affairs at the Federal Retirement Thrift Investment Board.
In fact, this Q&A format is used throughout the website, Trabucco said.
The online calculators were additions as part of the TSP website redesign last year. The online presence now has a "more modern, easy-to-follow style," Trabucco said.
"What we tried to do is spread it out so people understand TSP is a thing, but it's really a part of a thing and the thing it's a part of is retirement security," he said.
Federal employees also have social security and defined benefits. As part of TSP decisions, they can also consider outside savings and the value of their home, Trabucco said.
However, the fundamental question is: "What are my investments needs in retirement?"
"What do I need to have in order to maintain my style of living? That's really the critical first question," Trabucco said.
The TSP website is also a source of information about the funds. The site includes five "fund sheets" that lay out historical information and risks associated with each of the five TSP funds.
"Anyone who reads those five fund sheets should have a very good idea of what each of the individual fund offers and how it's composed," Trabucco said.